LeBron Effect: Business booming for real estate agents

Real estate is booming with the LeBron effect. (Source: WOIO)
Real estate is booming with the LeBron effect. (Source: WOIO)

It's being called the "LeBron Effect" - what happens when "The Chosen One" chooses Cleveland.

People here in the Rock 'n Roll City might as well make the Johnny Manziel money sign for themselves.

"The estimate is that once we go from where attendance was to where it's going to be that you are going to have an increase of about 34 million dollars in fan spending," says Cuyahoga County Executive Ed FitzGerald.

County officials estimate an increase right away of about 500 jobs.  Mark Lastition, the manager of Howard Hanna's Cleveland office, says LeBron's big announcement sparked a flurry of interest in local real estate.

"We've gotten a few calls from investors just in the last 72 hours looking to make investments downtown because they know there is going to be a lot of excitement downtown specifically," says Lastition.

Even the most experienced real estate agents are in awe of the LeBron effect they're seeing.

"We've had an increase on the number of leads just in the past 72 hours. One of my top producing agents said that he's had so many leads come in the last 72 hours he is amazed - both for listers and sellers," adds Lastition.

Property values are expected to soar as more and more follow LeBron's lead and choose Cleveland, too.

"My career is down here.  I've been looking at a lot of spots down here just looking to get closer to the action because I know it's going to get a lot more exciting down here," says Justin Comandatore of Aurora.

Downtown rental capacity is almost at 100 percent capacity, according to the county's experts.

"The King" is expected to add an extra $53 million and 500 jobs to the Cleveland economy, just during the Cavs season.

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